Haute 100 Update: Rick Caruso to Build $550M Shopping and Entertainment District on the Vegas Strip

LA’s Rick Caruso, the real estate heavyweight, possible Los Angeles mayor candidate, and President of the Los Angeles Police Commission, has just completed a deal for a $550 million retail and entertainment district on the Las Vegas Strip. He was hired by Caesar’s Entertainment Corp., one of the world’s largest casino operators, to develop the destination, called the Linq.

The open-air shopping center will be located across the Boulevard from Caesar’s Palace and is planned to feature over 200,000 square feet of retail and entertainment, complete with a 550-foot-tall ferris wheel – the world’s tallest observation wheel, called the Las Vegas High Roller. Developers hope that the Linq will appeal to Vegas’ expanding Gen X and Gen Y clientele with its open-air concept and variety of bars, restaurants, and stores.

“There are millions of people walking around the sidewalk in Vegas,” Caruso said, “but they have nowhere to go except inside.”

As the deal was just recently completed, there is no word yet on details regarding which stores will set up shop in the new area, but Caruso – who built LA’s iconic The Grove – has always delivered. Completion of the district is currently slated for 2013, with construction said to begin late this year.

Our Haute 100 list details the accomplishments of the most influential people in each of our markets. To see the entire Haute 100 Los Angeles list, click here.